Spring Hill, Tennessee Property Taxes
The median property tax rate in Spring Hill, TN is 0.66%, slightly higher than the Tennessee state median of 0.64% but lower than the national median of 0.99%. With a median home value of $321,600, the typical annual property tax bill in Spring Hill is $1,956, which is below the national median of $2,690. Property taxes here are calculated based on the tax assessed value, often less than the market value due to exemptions like those for primary residences and agricultural properties. By understanding Spring Hill's property tax system, exploring available exemptions, and identifying potential reductions, homeowners and real estate investors can achieve significant annual savings. Whether you're in the heart of Spring Hill or another part of the city, a thorough grasp of the local property tax system is invaluable.
Last Updated June 14, 2024
Spring Hill, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.66%
Estimate Property Tax Bill
$2,123
Ownwell’s SPRING HILL Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in SPRING HILL with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in SPRING HILL to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Spring Hill, Tennessee
Property taxes in Spring Hill, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Spring Hill is 0.66%, which is lower than the U.S. national median of 0.99%. Local government entities within Spring Hill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Spring Hill estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Spring Hill's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38474 zip code has the highest median property tax rate of 0.90%, while the 37174 zip code has the lowest median tax rate of 0.66%. Understanding how these cities compare with Spring Hill provides valuable insights into the varying tax landscape across Maury County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Spring Hill Tax Rate
0.66%
Average Maury County Tax Rate
0.66%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Spring Hill, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37174 | 0.48% | 0.54% | 0.66% | 0.66% | 0.66% |
| 38474 | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Spring Hill, Tennessee
In Spring Hill, Tennessee, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Maury County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Spring Hill, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Maury County's zip code 37174 has the highest median tax bill at $1956, while zip code 38474 has the lowest at $531. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Spring Hill Assessed Value
$321,600
Average Maury County Assessed Value
$247,600
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Spring Hill, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37174 | $178,740 | $251,600 | $321,600 | $397,700 | $474,060 |
| 38474 | $59,000 | $59,000 | $59,000 | $59,000 | $59,000 |
Source: Ownwell
Property Tax Bills Across Spring Hill, Tennessee
In Spring Hill, property tax bills are calculated based on the assessed value of your home, which is determined by the Maury County Assessor's Office. The assessed value is a percentage of the market value of your property. Once the assessed value is established, the property tax rate is applied to this value to determine your annual tax bill. For homeowners in Spring Hill, the median home price is $321,600, leading to varying tax bills across the city. Factors such as property location, improvements, and market trends can influence your home's assessed value. For instance, the 25th percentile tax bill is $1,496, while the 75th percentile tax bill reaches up to $2,502, and the 90th percentile can be as high as $3,008. In some cases, the median tax bill in certain zip codes can be as low as $531 or as high as $1,956. Understanding these factors and their impact on your tax bill is crucial for homeowners to manage their finances effectively.
Average Spring Hill Tax Bill
$1,956
Average Maury County Tax Bill
$1,525
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Spring Hill, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37174 | $1,137 | $1,496 | $1,956 | $2,502 | $3,008 |
| 38474 | $531 | $531 | $531 | $531 | $531 |
Source: Ownwell